Permian Resources Announces Portfolio Optimization Transactions

Permian Resources Corporation (“Permian Resources” or the “Company”) (NYSE: PR) today announced that it has entered into a series of portfolio management transactions, comprising of a bolt-on acquisition, a divestiture of non-operated production and acreage and a divestiture of a portion of its water infrastructure assets in Reeves County, Texas.

“At Permian Resources, we believe our focus on portfolio management will continue to drive value for our shareholders. The combined transactions high-grade our portfolio, adding 45 top-quartile locations, 4,000 net acres with significant development potential and 3,100 net royalty acres while generating approximately $100 million in net cash proceeds,” said James Walter, Co-CEO of Permian Resources.

Acquisition Summary

Permian Resources has entered into a definitive agreement to acquire 4,000 net leasehold acres, 3,300 net royalty acres and 1,100 barrels of oil equivalent per day (“Boe/d”) (73% oil) of net production, located predominantly in Lea County, New Mexico from an undisclosed third-party for a total purchase price of $98 million.

This purchase price reflects an acquisition value of approximately $8,000 per net leasehold acre and approximately $7,000 per net royalty acre. The properties’ operated position consists of largely undeveloped acreage and is contiguous to one of the Company’s existing core blocks in Lea County. Permian Resources has identified approximately 45 gross operated two-mile locations from the properties being acquired that immediately compete for capital within the existing portfolio. The acquired properties also include non-operated acreage largely adjacent to and surrounding Permian Resources’ position, which the Company plans to utilize for future acreage trades and other portfolio management transactions.

Non-Operated Divestitures Summary

Permian Resources also announced the divestiture of producing, non-operated properties in Reeves County consisting of approximately 1,800 Boe/d (44% oil) and 3,500 net leasehold acres to an undisclosed third-party for $60 million, reflecting a valuation multiple of greater than 5x 2023 estimated EBITDA. The divested acreage represents the substantial majority of the Company’s non-operated position in Texas and included minimal remaining inventory.

The Company also sold a non-operated position consisting of 300 net leasehold acres in Eddy County, New Mexico for $35,000 per net acre, resulting in approximately $10 million of net proceeds.

Midstream Infrastructure Transactions Summary

The Company signed definitive agreements with an undisclosed third-party that result in Permian Resources divesting a portion of its saltwater disposal wells and associated produced water infrastructure in Reeves County for total consideration of $125 million. The full consideration will be received at closing with $60 million subject to repayment if certain thresholds tied to Permian Resources’ future drilling activity in the service area over the next several years are not met. The Company expects to retain the full consideration based on its current development plan. The counterparty has a strong record of operating midstream assets, and the divested infrastructure has ample additional capacity to service the Company’s future produced water disposal needs. The transaction is expected to close during the first quarter of 2023, subject to regulatory approval.

(For maps and further details summarizing Permian Resources’ recent acquisition and divestitures, please see the presentation materials on its website under the Investor Relations tab.)

2023 Preliminary Outlook

The Company is not adjusting its previously announced fourth quarter 2022 and full year 2023 preliminary outlook as a result of these transactions and plans to issue full year 2023 guidance concurrent with its fourth quarter and full year 2022 earnings results.

About Permian Resources

Headquartered in Midland, Texas, Permian Resources is an independent oil and natural gas company focused on the responsible acquisition, optimization and development of high-return oil and natural gas properties. The Company’s assets and operations are located in the core of the Delaware Basin. For more information, please visit www.permianres.com.

Cautionary Note Regarding Forward-Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this press release, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words “could,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “goal,” “plan,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events.

Forward-looking statements may include statements about:

• volatility of oil, natural gas and NGL prices or a prolonged period of low oil, natural gas or NGL prices and the effects of actions by, or disputes among or between, members of the Organization of Petroleum Exporting Countries (“OPEC”), such as Saudi Arabia, and other oil and natural gas producing countries, such as Russia, with respect to production levels or other matters related to the price of oil;

• the effects of excess supply of oil and natural gas resulting from reduced demand caused by the COVID-19 pandemic and the actions taken in response by certain oil and natural gas producing countries;

• political and economic conditions in or affecting other producing regions or countries, including the Middle East, Russia, Eastern Europe, Africa and South America;

• our ability to realize the anticipated benefits and synergies from the recently-closed merger and effectively integrate the assets of Centennial and Colgate;

• our business strategy and future drilling plans;

• our reserves and our ability to replace the reserves we produce through drilling and property acquisitions;

• our drilling prospects, inventories, projects and programs;

• our financial strategy, return of capital program, liquidity and capital required for our development program;

• our realized oil, natural gas and NGL prices;

• the timing and amount of our future production of oil, natural gas and NGLs;

• our ability to identify, complete and effectively integrate acquisitions of properties or businesses;

• our hedging strategy and results;

• our competition and government regulations;

• our ability to obtain permits and governmental approvals;

• our pending legal or environmental matters;

• the marketing and transportation of our oil, natural gas and NGLs;

• our leasehold or business acquisitions;

• costs of developing or operating our properties;

• our anticipated rate of return;

• general economic conditions;

• weather conditions in the areas where we operate;

• credit markets;

• uncertainty regarding our future operating results;

• our plans, objectives, expectations and intentions contained in this press release that are not historical; and

• the other factors described in our most recent Annual Report on Form 10-K, and any updates to those factors set forth in our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.

We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the development, production, gathering and sale of oil and natural gas. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, risks relating to the merger, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating oil and gas reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures and the other risks described in our filings with the SEC.

Reserve engineering is a process of estimating underground accumulations of oil and natural gas that cannot be measured in an exact way. The accuracy of any oil and gas reserve estimate depends on the quality of available data, the interpretation of such data, and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered.

Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.

Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.

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